Income Tax on Gift from HUF to member

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..... What is the status of gift from HUF to any of its member in light of judgment Vineetkumar Raghavjibhai Bhalodia vs. ITO (ITAT Rajkot) , whether it is exempt or not. - Reply By Vivek Harsh - The Reply = Gift - whether it is from an individual relative or from a group of relatives is exempt from tax under the provisions of section 56(2)(vi) of the Act as a group of relatives also falls within the .....

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..... Explanation to section 56(2)(vi) of the Act - the "relative" explained in Explanation to section 56(2)(vi) of the Act includes "relatives" and as the assessee received gift from his "HUF", which is "a group of relatives", the gift received by the assessee from the HUF should be interpreted to mean that the gift was received from the "relatives" therefore the same is not taxable under section 56(2 .....

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..... )(vi) of the Act Vineet kumar Raghavjibhai Bhalodia vs. ITO (ITAT Rajkot) (2011 (5) TMI 584 - ITAT RAJKOT ) - Reply By DEV KUMAR KOTHARI - The Reply = The issue is debatable and the revenue is likely to contest the issue decided by Tribunal in favour of assessee. Therefore, it is advisable to avoid gift from HUF to members. If at all it is required to tranfer funds from HUF to me .....

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..... mber, the same should be for some specific purposes and consented by all members, and the donee member should continue to be member / co parcner is remaining properties. - Income Tax on Gift from HUF to member - Query Started By: - deepak gulati Dated:- 23-2-2012 Income Tax - Got 2 Replies - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Manag .....

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..... ement India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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